According to CATF lack of financial and regulatory incentives for CCS gradually shift the power sector from uncontrolled coal to uncontrolled natural gas. Although such change would cut emissions by 50%, it would not be enough to avert catastrophic climate change. Moreover during a 10-year period between 2040 and 2050, the power sector would need to double the emissions reduction rates achieved in previous decades in order to meet mid-century climate stabilisation targets. This will be impossible without necessary CCS infrastructure in place and lower technology costs.

Therefore the report stresses that the fate of global climate may depend on finding ways to burn coal without emitting CO₂.  Consequently, realising the potential of CCS is a task of high national and global importance. Determined federal policy is needed to lay the groundwork for a coherent and long-term effort to deploy CCS at a sufficient scale.

In order to ensure timely CCS deployment, CATF recommends a $20 billion funding plan to finance about 30 ’pioneer’ CCS projects by 2018 to overcome technical uncertainties. This would pave the way for the construction of more than 50 gigawatts of CCS projects between 2020 and 2040 further driving innovation and lowering costs. A competitive program to award incentives and the establishment of performance standards on gas and coal power plants would be necessary to ensure CCS investment until 2040.

These efforts could be subsidised through ’a combination of revenue from capping carbon emissions, wires charges on power bills, or portfolio standards that require utilities to purchase a portion of their power from sources that use CCS’. According to CATF this would cost the Federal Government a level less than what it will have to spend to support wind energy during the same time period.

To access the full Clean Air Task Force report please click here